DLA Piper joins Global Digital Finance as founding member to drive the future of the crypto industry

DLA Piper is pleased to announced that it has joined Global Digital Finance (GDF), the industry body driving acceleration and adoption of digital finance, as Founding Member alongside Circle, Coinbase, ConsenSys, Diginex, Hogan Lovells and R3. Together they will support GDF in developing its global strategy and growing a community membership of firms who wish to adhere to the Code of Conduct (the GDF Code) and Taxonomy for Cryptographic Assets, which GDF has just released.

DLA Piper has contributed to the drafting of the GDF Code, which has recently completed a 60 day open public consultation which closed on the 31st August 2018, having received contributions from more than 200 firms in the global cryptoasset community and over 100 individual submissions of feedback from individuals and organisations.

The Code is the starting point for an industry-led “shared rulebook” to enable companies to demonstrate to their customers, markets and regulators, that they abide by ethical and professional standards in their conduct with clients, money handling, risk management, and market practice.

Martin Bartlam, International Group Head of Finance and Global FinTech Co-chair at DLA Piper said: “Considering the cross-border nature of crypto assets, establishing a global standard of conduct for the crypto asset industry to commit to is a proactive way for member participants to demonstrate accountability and protection for investors. The Code provides a standard that fits within existing laws and regulations amidst potentially conflicting laws and regulations on a country by country basis.”

Simon Taylor, GDF Co-Founder, said: “Customers want to know the firms they are doing business with are ethical and not breaking (international) laws. This extends from cryptocurrencies like bitcoin, wallet providers and exchanges, to firms offering investment products in tokens, securities, and funds.”

GDF has engaged with global regulators, standard setting bodies and non-governmental organisations through the development of the Code to help provide a consistent professional voice of responsible industry practitioners.

Jeff Bandman, GDF Co-Founder and the former LabCFTC innovation head, added: “Regulators have been hugely supportive of the development of GDF and the Code. Digital assets are global and no one jurisdiction has authority over the entire sector. The Code provides industry adopters a supranational toolbox to demonstrate to global regulators that they are good citizens.”

Companies will be able to register with GDF to attest to their organization’s adoption of the Code from Q1 2019. The registration scheme is currently in development, led by DLA Piper and in consultation with global industry firms.

Contacts